Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Report Reveals Surprises in NYC Real Estate Trend
Thursday, March 12, 2009
New York, NY –
All real estate is local, and a report published by NYU's Furman Center confirms it. The center analyzed price trends across the city since the 1970s and found that in the last housing bust, when prices fell by nearly 30 percent citywide, some neighborhoods were surprisingly resilient.
For instance, prices in Bronx neighborhoods like Morrisania, Crotona and Hunts Point climbed as much as 60 percent in that same period.
Ingrid Gould Ellen is the center's co-director.
ELLEN: Some neighborhoods weathered the busts much better than others and some neighborhoods accelerated much more rapidly during the boom periods.
REPORTER: In the recent housing boom, East Harlem, Morningside Heights and Hamilton Heights saw the biggest price gains - as much as 500 percent from 1996 to 2006.
New York City as a whole has seen bigger booms than busts over the last 30 years, with prices growing 250 percent.